Unemployment, Demographics, and Wage Trends: What the Headlines Miss
In the last post, we looked at the big productivity puzzle. Record employment, weak economy. More jobs, less output per person.
Wages
Labour Markets, Employment, and the Productivity Puzzle After 2008
Thomas Malthus once warned that population growth would always outstrip the economy’s ability to keep up. People would multiply faster than food could be grown and goods could be produced.